We Keep You Up to Date

Deducting Non-Cash Donations of property

Before having your tax return prepared be sure you are ready. Goodwill type organizations do not price your items, this step is up to you. You should expect to spend some time before
taking your items to a drop off spot as your homework will pay off with a solid tax deduction that will hold up in case of audit.

Sometimes donations may require an appraisal. If so be sure you get the items appraised well before your taxes get prepared.

Expanded tax credit for hiring unemployed veterans

Recent legislation expands the work opportunity tax credit.

The credit is available to businesses that hire eligible unemployed veterans who begin work on or after Nov. 22, 2011, and before Jan. 1, 2013.

The credit is very valuable at either 25 or 40% of qualified first-year wages, depending on how many hours the employee works. Drop me a note if you would like additional information on this
money saving tax credit.

2018 Standard Mileage Rates

Beginning on Jan 1, 2018, the standard mileage rates for business use of your car will be

54.5 cents per mile for business miles driven(down from 54 cents)

18 cents per mile driven for medical or moving purposes(down from 23)

14 cents per mile driven for charitable purposes

Taxpayers usually have the option of calculating the actual costs of operating their vehicle rather than using the standard mileage rates. Either way you should maintain a log book or
journal of your business miles. Also record your odometer readings annually on 12/31.